HKT raises USD1bn in rights issue

HKT Trust, a telecom trust majority owned by Hong Kong telecoms group PCCW, and controlled by Hong Kong tycoon Richard Li, raised HKD7.9 billion (USD1.02 billion) in a rights issue last week, FinanceAsia reported. The proceeds will be used to pay loans taken on to finance the recent acquisition of rival Hong Kong cellco CSL New Word Mobility by PCCW (HKT). The rights issue was 99.38% taken up, with PCCW subscribing to 63% of the offering, with other existing shareholders taking up the remainder.